Independent Bank (NASDAQ:IBCP) Announces Quarterly Earnings Results

Independent Bank (NASDAQ:IBCP) released its quarterly earnings data on Thursday. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11), RTT News reports. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The business had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same quarter in the previous year, the company posted $0.83 EPS.

Independent Bank Stock Performance

NASDAQ:IBCP traded down $0.04 on Friday, reaching $32.70. 28,555 shares of the company’s stock were exchanged, compared to its average volume of 95,165. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $683.50 million, a price-to-earnings ratio of 11.15 and a beta of 0.99. Independent Bank has a 52 week low of $18.61 and a 52 week high of $35.97. The stock has a fifty day simple moving average of $33.20 and a 200-day simple moving average of $29.11.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.94%. Independent Bank’s dividend payout ratio is presently 32.65%.

Insider Transactions at Independent Bank

In other news, Director Christina Keller sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the sale, the director now directly owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 5.45% of the company’s stock.

Analyst Upgrades and Downgrades

IBCP has been the topic of several research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $31.00 price objective (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler upped their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th.

Independent Bank Company Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.